Brachytherapy Market to Generate USD 1.6 Billion by 2031 | Trends 2023 and Future Scenarios

According to the report published by Allied Market Research, the global brachytherapy market garnered $0.83 billion in 2021, and is estimated to generate $1.6 billion by 2031, manifesting a CAGR of 7.1% from 2022 to 2031. The study analyzes the important strategies, drivers, competition, market dynamics, size, and important investment regions.

Key Takeaways:

Brachytherapy is a form of radiation therapy used to treat cancer, where radioactive sources are placed in or near the tumor to deliver high doses of radiation directly to the affected area.

The global brachytherapy market is expected to grow at a steady rate, driven by factors such as increasing incidence of cancer, growing demand for minimally invasive procedures, and technological advancements in brachytherapy devices.

The prostate cancer segment is expected to hold the largest share of the brachytherapy market due to the high incidence of prostate cancer and the effectiveness of brachytherapy in treating this type of cancer.

The high cost of brachytherapy treatment, coupled with the availability of alternative cancer treatment options, may hinder market growth to some extent.

North America is expected to dominate the brachytherapy market due to the presence of a large number of key market players and the high prevalence of cancer in the region.

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Market Drivers:

Increasing incidence of cancer: The rising incidence of cancer worldwide is a significant driver of the brachytherapy market. Brachytherapy is a commonly used radiation therapy to treat various types of cancer, including prostate, breast, cervical, and skin cancer.

Technological advancements in brachytherapy devices: The development of new and advanced brachytherapy devices, such as remote afterloading systems and image-guided brachytherapy, is expected to drive the growth of the market. These devices offer more precise and targeted radiation therapy and are less invasive than traditional surgery.

Growing demand for minimally invasive procedures: Brachytherapy is a minimally invasive procedure that involves placing a small radioactive source directly into the tumor, reducing the damage to healthy tissue and minimizing side effects. This feature is expected to drive the demand for brachytherapy as patients prefer less invasive treatments.

Increasing awareness and acceptance of brachytherapy: With increased awareness and acceptance of brachytherapy as a treatment option for cancer, patients and healthcare providers are more likely to choose this treatment option.

Market Segmentation:

Type of Brachytherapy: Brachytherapy can be classified into two types – high-dose rate (HDR) brachytherapy and low-dose rate (LDR) brachytherapy.

Application: Brachytherapy is used to treat various types of cancer, including prostate, breast, cervical, skin, and others.

End User: Brachytherapy devices are used in hospitals, clinics, and ambulatory surgery centers.

Geography: The market can be segmented based on geographical regions such as North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa.

Source: The market can also be segmented based on the type of source used, such as iodine, cesium, palladium, and others.

Technique: The market can also be segmented based on the technique used, such as interstitial brachytherapy, intracavitary brachytherapy, and surface brachytherapy.

Device: The market can also be segmented based on the type of device, such as afterloaders, applicators, and others.

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Regional Growth Dynamics:

North America held the largest share in 2021, contributing to around two-fifths of the global brachytherapy market share, and is projected to maintain its dominant share in terms of revenue in 2031. However, the Asia-Pacific region is expected to manifest the fastest CAGR of 8.5% during the forecast period.

Competitive Landscape:

• Elekta AB
• Varian Medical Systems, Inc.
• Boston Scientific Corporation
• CIVCO Medical Solutions
• Eckert & Ziegler BEBIG SA
• Huiheng Medical, Inc.
• iCAD, Inc.
• IsoAid LLC
• Theragenics Corporation
• Proxima Therapeutics, Inc.

Recent developments:

• Rising demand for minimally invasive procedures: There is a growing demand for minimally invasive procedures, and brachytherapy is a less invasive option for treating cancer. This demand is expected to drive market growth.
• Increasing focus on research and development: Key market players are investing in research and development to develop innovative brachytherapy devices and techniques that offer more targeted and effective cancer treatment.
• Growing government initiatives: Governments worldwide are increasing their focus on cancer treatment and prevention, leading to favorable policies and initiatives that support the growth of the brachytherapy market.

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